Old Orchard Estates

Pine Crossing

Sandtown Vista

The Boulevard Townhomes

The Boulevard Townhomes is a newly renovated property that provides quality, affordable apartments for workforce families. Built in 1969, this property formerly known as MacArthur Park Apartments had a deeply troubled past with a derelict owner that allowed the property to fall into a state of terrible disrepair. Elected officials eventually took the unprecedented step of getting a warrant to inspect the property. They filed numerous code violations and held up Section 8 housing payments until the owner made at least a minimum set of repairs to address the deplorable living conditions residents faced. The property continued to flounder. Cohen-Esrey Development Group (CEDG) was able to work with local and state officials to bring tax-exempt bonds, federal Low-Income Housing Tax Credits and Illinois Affordable Housing Tax Credit funds to purchase the property with plans to make it a safe and desirable apartment community for working families.

Located near good schools and a reviving business corridor along MacArthur Boulevard, the property offers excellent access to retail services, mass transportation, and work opportunities. The newly built playground and remodeled club house and community room have breathed new life into the property. Newly renovated units enjoy new flooring, fixtures, cabinets, counters and backsplashes. The upgrades also include all new kitchen appliances. Washer and dryers were also added to each unit. The entire property now enjoys freshly paved parking areas, security lighting, and expanded green spaces including a community garden. Renovations will continue through 2017 until all units are upgraded and the grounds and landscaping are complete.

Sandtown Vista

Sandtown Vista is a Class B+ institutional quality asset completed in 2010, and is strategically situated in Southwest Fulton County’s sought-after and affluent Sandtown Overlay District. Located just four miles west of Interstate 285 and south of I-20, Sandtown Vista residents enjoy direct access to Downtown Atlanta, Hartsfield Jackson International Airport, the thriving Douglas County area to the west and connections to other Atlanta attractions. The community offers one, two and three bedroom apartment homes with gated access, 9’ ceilings with crown molding, washer and dryer connections in unit, private patio/balcony, breakfast bar and ceramic tile entry. On the exterior, residents enjoy a business center, spin studio, swimming pool with water feature, picnic areas, playground, dog park, covered car care center, Wi-fi in all amenity areas and sprinkled buildings.

Cohen-Esrey acquired Sandtown in fourth quarter 2016. The proposed upgrades to the units are new backsplashes, new painting, new light fixtures, and an updated look and feel to the units. On the exterior, a new resort style grill and cabana area to expand the pool along with updated landscaping and additional amenities will add to the upgraded feel of Sandtown Vista.

Centerville Pointe

Centerville Pointe Apartments is nestled in the Dallas suburb of Garland, Texas. This 250-unit, townhome style community offering two, three and four bedroom apartments and townhomes offering classic amenities including a sparkling swimming pool with sundeck, on-site fitness center, basketball court, clubhouse and playgrounds. Centerville is a mix-income development with superior access to fantastic dining and shopping options very close by, and easy access to Interstate 635 and Interstate 30 all being a short 20-minute drive from downtown Dallas.

Cohen-Esrey purchased this community in the second quarter of 2016. Since acquiring the property, major renovations are already underway. Exteriors are being refreshed with new landscaping, fencing, and roofing systems as well as new amenities such as pool furniture, new basketball and volleyball courts, and signage. Newly renovated units enjoy new flooring, fixtures, cabinets, and counters. The upgrades also include all new kitchen appliances.

Clay Hall Senior Residences

Clay Hall is the adaptive reuse of an historic dormitory on the campus of Phillips University in Enid, Oklahoma. Construction of the building began in 1941, stopped during World War II, and concluded in 1946. The dormitory—a restrained example of the Mission Revival Style—was expanded in 1951 and again in 1959. Decreased enrollment at the University led to the building’s closing in 1987 and it had been vacant ever since. Cohen-Esrey Development Group (CEDG) completed a total rehabilitation of the building, converting it to housing for low to moderate income residents over 62 years of age.

The rehabilitation retained the historic windows, while adding storm windows for energy efficiency, removed an inserted soffit in the lobby, retained and repaired plaster walls, and uncovered a mantel. Individual dorm rooms were combined to make one- and two-bedroom apartments, but closets and other original features were retained, including full heights in the units (except in kitchens and baths, where ceilings were lowered). The corridors retained their full height and width. The stairs were retained, and common rooms fronting the stairs were kept as common rooms, including those leading onto the balcony above the main entrance. The project was recognized by the National Park Service as a Featured Case Study for its successful use of the federal historic tax credit.
All thirty of the new apartment units were occupied within three days of the project’s completion, providing further evidence of the quality of the rehabilitation and the demand in Enid for this type of housing.

Oneida Mill Lofts

Oneida Mill Lofts is the adaptive reuse of an historic textile mill in Graham, North Carolina. Originally built as a textile mill in 1882, the property covers nearly three-quarters of a city block and is located within steps of the historic Graham city square and various Alamance County offices and facilities. The property was vacant for many years and had become a nuisance and eye-sore. On completion in the first quarter of 2017, the project will contain 133 one and two-bedroom apartments for residents earning up to 60% of the area median income. The units will include modern features while maintaining much of the historic nature of the original building. Many of the units have soaring ceiling heights, floor to ceiling windows, exposed timber beams, brick walls, and loft bedrooms.

Oneida Mill Lofts is a join venture between North Carolina-based Third Wave Housing and Cohen-Esrey Development Group (CEDG). It was made possible through a complex financing structure that includes 4% low income housing tax credits, federal historic tax credits, North Carolina mill credits, and tax exempt bond financing. This project is a great example of the way CEDG works with local stakeholders to produce high quality housing while solving blight through the rejuvenation and repurposing of underutilized community assets.

The Grove at Trinity Pointe

The Grove at Trinity Pointe is a lushly landscaped gated community with extensive amenities located on the main artery North Germantown Parkway nestled between Cordova and Germantown, two of the top apartment submarkets in the Memphis area. The convenient location has shopping, dining and entertainment within walking distance. The area is seeing strong economic and demographic growth spurred the opening of a super-regional mall, Wolfchase Galleria, just 4 miles north of the property. Retail development has continued along the N. Germantown Parkway commercial corridor, including upscale offerings in Germantown such as Whole Foods and an Apple store.

The Grove at Trinity Pointe represented a unique asset with a strategic location in-line with similar vintage peers. However, the property’s rents lagged nearby competition by a substantial margin. Purchased from BRT Realty Trust and Arenda Capital Management LLC, Cohen-Esrey and its partner group closed the 390,515-square-foot multifamily complex on March 2, 2016 and began implementing $1.8M in physical improvements.

The Grove at Trinity Pointe represents an excellent apartment investment as the Cordova submarket has experienced a limited apartment development pipeline since 2000. With the area’s strong population growth in the last 15 years, apartment demand has well outpaced supply. Cordova is primed for continued apartment demand. Cohen-Esrey and its partners expect a healthy return on this investment as improvements are completed and rental income increases to match the market average.

Old Orchard Estates

Old Orchard Estates offers quiet country living with the convenience of the city. Located in Carbon Cliff, Illinois, home to John Deere and Company, this community sits conveniently right off of Avenue of the Cities and is less than five (5) minutes from the John Deere World Headquarters, and right next to TPC Golf Course. Old Orchard offers one, two and three bedroom apartment homes with spacious floor plans, a playground, basketball court, many picnic areas with grills and garages.

Old Orchard was a community that Cohen-Esrey managed for many years before acquiring the ownership interest of the community in 2014. At the time of acquisition, the community was still in the Low-Income Housing Tax Credit Program. Cohen-Esrey executed an investment strategy to take this community through decontrol and exit the program, allowing the property to become a market rate community over that period. With the capital spent correctly to maintain the asset in stellar fashion, the investors have been able to realize a 40% return on their investment life-to-date.

St. Thomas Historic Residences

St. Thomas Historic Residences began life as the St. Thomas Hospital in the north-western region of Kansas and was constructed in 1941 through the Works Progress Administration (WPA) utilizing brick made in Colby that was salvaged from the old high school on the same site. Community hospitals such as St. Thomas Hospital became firmly established during the Great Depression, some with help from New Deal funding. By 1940, the WPA had funded the construction of 130 new hospitals and improvements to 1,670 more. There were only two known WPA-funded hospitals in Kansas, one in Oswego and St. Thomas in Colby.

The Sisters of St. Agnes were chosen to run the hospital and likely named it St. Thomas, which coincidentally is the county in which it is located.

The Sisters of St. Agnes, founded in 1858 in Barton, Wisconsin, continued to operate the hospital until 1973. Due to population growth in the area and the need for expanded services, the city began planning for the construction of a new hospital, which spelled the eventual demise of the St. Thomas Hospital. The local school district occupied space in the hospital for a period of time. However, the building was in a steady decline and slated for condemnation had Cohen-Esrey not stepped in to redevelop it. Cohen-Esrey Development Group (CEDG) identified the building as a potential site for workforce housing, filling in a much needed gap for quality, affordable residences for citizens in a wide range of careers including teachers, firefighters, police officers and administrative personnel. After acquiring the property, CEDG began construction in October 2013 and renovated it, preserving its relevant historic fabric, into 30 apartment units. Construction was completed in August 2014 and the property was fully leased by October 2014. The project was funded through a combination of federal Low-Income Housing Tax Credits, federal and state historic tax credits, and the Federal Home Loan Bank AHP program. Located on a main street that connects to Interstate 70, the property is two blocks from the Colby Elementary and Middle Schools and just minutes from the heart of downtown providing residents with quick access to all area amenities. The county health department and chamber of commerce is located next door providing residents with a wealth of information and services to assist their daily lives. This property remains fully occupied with a waiting list for new residents.

Pine Crossing

Pine Crossing is a unique mixed rate property conveniently located within a mile of the main transit route I-70. The property is located in a highly regarded school district, with easy access to downtown Columbus, Ohio State, and shopping and restaurants on Hilliard-Rome Road.

Cohen-Esrey purchased the partnership interests of Pine Crossing LP in the second quarter of 2015. Columbus apartment occupancy increased to 96.4% during the third quarter of 2015, while rents increased year-over-year by 3.4%. Despite construction activity in the area, demand continues to outpace supply due to demographics favoring the rental market. The homeownership rate in Columbus is 58.2%, over 5 percentage points below the national average. The transaction was financed by a Fannie Mae mortgage originated by Bellwether Enterprise.

Since acquiring the property, major physical improvements have been underway. Kitchens have updated cabinets with extra counter space; each unit has updated appliances including refrigerator, stove, dishwasher, and disposal. Renovated units have updated flooring and paint as well. Exterior improvements on the site include updated community spaces, hallways and landscaping.

Project 7

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Project 8

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